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Beijing to punish Wanda for breach of investment rules

The move represents an unprecedented setback for China's second-richest man Wang Jianlin, who was among the country's most prominent dealmakers up until last year.

PHOTO: AFP

Beijing

CHINA plans to punish billionaire Wang Jianlin's Dalian Wanda Group Co for breaching the nation's restrictions on overseas investments by cutting off funding and denying the conglomerate the necessary regulatory approvals, according to people familiar with the matter.